London is a medium city located in Canada with a metropolitan area population of 388,615. A couple could live a moderate lifestyle in London on a budget of $3,100 per month, or $37,202 per year.
Cost of Living in London, Canada
As noted above, the cost of living in London, Canada is $3,100 per month for a couple living a moderate lifestyle. This budget consists of $1,649 for housing related costs, $598 for food, and $853 for other costs, all of which will be broken down below.
- A one-bedroom apartment in the city center of London is estimated to cost $1,421
- Basic utilities including electricity, water, and gas will run about $157
- High-speed internet averages $71
- Typical grocery costs of $414 per month include things like bread, eggs, milk, cheese, rice, chicken breast, bottled water, fruits, and vegetables
- Alcohol including beer and wine for moderate home consumption costs about $96
- Frequent coffees in a neighborhood café are estimated to be about $88
- Meals out are estimated to be $546 per month, including 4 meals in mid-range restaurants and 8 in inexpensive restaurants
- Transportation costs of $185 for public transport passes and occasional taxis
- Fitness center memberships of $70
- Cinema tickets of $51 include several outings for international releases
Note that London, Canada is a somewhat walkable city with a Walk Score of 68/100, which means you may need a car if you are living in the city center and you will probably need to use public transportation frequently.
Amount of Money Needed to Retire in London, Canada
Many people searching the internet for the cost of living in London, Canada are doing so to see if and when they can quit their jobs and retire. A popular and easy way to calculate your retirement number is using the 4% Rule.
The 4% Rule estimates that a person(s) could withdraw 4% of their retirement nest egg and never run out of money. Using this calculation, a couple would need an investment portfolio of $930,051 to live a moderate lifestyle in London, Canada.
Annual expenses of $37,202 ÷ 4% = $930,051 portfolio needed.
Of course, everyone’s financial situation is different, and the above calculation could change based on any other sources of passive income and social security income.
Overall, the cost of living in London, Canada is affordable coming in at $3,100 for a couple living a moderate lifestyle. Those seeking to retire could do so comfortably with a retirement portfolio of $930,051.